Singapore to finally see more suburban home launches this year

Over 4,400 units are expected to be launched in OCR.

In 2024, analysts at OrangeTee are expecting a substantial number of new housing projects to be launched in Singapore, with around 30 projected to be launch-ready. These projects are expected to add over 12,000 new homes, not including EC. Even if developers stagger their launches or face unforeseen circumstances, analysts still anticipate 23 launches, which could yield up to 8,800 units. This would represent a 16.5 per cent increase compared to the 7,551 units launched in 2023. 

Moreover, it is expected that between six to nine large projects with over 500 units may be launched this year. This could cause sales to exceed 1,000 units for certain months. In comparison, there was only one large project launched in 2022, four in 2021 and six in 2023.

Here’s more from OrangeTee:

Over the past few years, the supply of new condominiums in the suburbs has been limited. From 2019 to 2023, an average of around 3,495 units were launched annually. Comparatively, a decade ago from 2009 to 2013, an average of 9,860 units were launched per year. The limited supply of new condos in the suburbs may have led to recent price surges, with prices exceeding S$2,000 psf. 

However, the number of condos expected to be launched in OCR is over 4,400 units this year. The increase in launched units may help meet the pent-up demand for private homes in the suburbs and slow down the pace of price growth for new condos, especially in the suburbs. 

Around 50.5 per cent of launched units will be in the suburbs OCR, 29.8 per cent in the city fringe RCR, and 19.7 per cent in the prime CCR (Chart 6). The proportion of launched units in OCR in 2024 is higher than the units for 2023 (35.6 per cent) and 2022 (36.9 per cent). In fact, this will be the highest percentage of launched units in OCR since 2017. 

Some of the key suburban property launches to watch include the 440-unit SORA, 533-unit Lentor Mansion, 512-unit Lumina Grand EC, and the 345-unit GLS (Government Land Sales) site at Champions Way.